Sunday, December 21, 2008

The World According to Oil

Here's another post coming out of the recent NDU Admiral Moorer Military Energy Conference. This is a different way of looking at the world, wouln't you say? And it's worthwhile noting that while 85% of reserves were available to the major International Oil Companies (IOCs like ExxonMobil, BP, Shell, etc.) as recently as the 1970's, widespread nationalization of oil assets since that time now means the IOCs are left to fight over less than 10% of the world's oil.

All that to say, next time gas prices go up, you can blame the big oil co's you're familiar with, but they will not be the primary cause of the pain. Not by a long shot. In fact, other than Saudi Aramco, they are the only orgs with the technology to get increasingly hard-to-reach oil out of the ground. Without them having access, a lot of that oil is going to remain right where it is.

Map Courtesy of US Congressman Roscoe Bartlett

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